Leading experts and blockchain enthusiasts gathered in Singapore this weekend to contend in a blockchain hackathon sponsored by DBS Bank, previously called the Property development Bank of Singapore, and computer system giant IBM.
More than 70 individuals partook in the competitors, but Omnichain, a platform for purchasing arising market businesses, won starting point and 15,000 Singapore dollars (approximately $ 11,300 USD).
The two-day hackathon, hosted by DBS Bank's Chief Development Officer Neal Cross, had 2 challenges for participants: Either make a hack that would assist the unbanked have greater access to financial services or make banking in the industrialized world easier and more enjoyable.
NuBank provided on the goal to bank the unbanked and won second location. The team created a method to connect financial institutions with individuals residing in remote or undeveloped towns utilizing blockchain technology.
BlockIntel won 3rd location with a program that pictures the blockchain and uses know-your-customer controls to catch suspicious transactions. NuBank and BlockIntel won money rewards too, $ 10,000 SGD ($ 7,500 USD) and $ 8,000 SGD ($ 6,000 USD), respectively.
According to Ron Hose, CEO of Asian bitcoin exchange Coins.ph, the hackathon did a lot more than simply develop new services and products; it brought people from the digital currency and monetary worlds together.
“I really seem like this occasion marked a milestone for blockchain tech in Asia,” Hose stated. “Beyond emphasizing how important this innovation is to fixing banking issues and providing a platform for originalities, the hackathon brought together terrific minds and industry influencers to think together about the future on blockchain and the banking market as a whole.”
A bank-backed blockchain hackathon
The occasion was located at StartupBootcamp Fintech Singapore, an accelerator for monetary startups, and was performed in partnership with Singaporean Bitcoin company, Coin Republic. The event featured various executives and specialists from the region's finance and technology markets. The judges panel included IBM Executive Designer Tan Kah Seng and Sim Advantage Kee Institute for Financial Economics Professor Dr. David Lee.
According to Adam Giles, co-founder and CEO of Neuroware, a few of the hackathon participants just weren't familiar with blockchain or bitcoin at all however wanted checking out the innovation. Giles and his company spent the two days prior to the hackathon hosting workshops with the participants and acquainting them with the blockchain. Neuroware's API Blockstrap, which enables developers to produce apps for a variety of digital currencies, along with Bitx's and Colu's API were made use of in the hackathon.
“Considering this was the very first time a bank has ever so publicly backed blockchain technology it's challenging to picture how it could have gone better,” Giles stated. “DBS were extremely well arranged and striven to comprehend the innovation and work with the developers. All teams got to keep the IP for their ideas, and DBS might be working with some in the future to see how they can support them. Startupbootcamp also provided a terrific location and did a wonderful job on arranging the hack and taking care of everybody included.”
Thanks to CoinGecko, David Moskowitz and Tim Swanson. All image courtesy of Tim Swanson/ Twitter.
The post Financial investment Platform Omnichain Wins Blockchain Hackathon Sponsored by DBS Bank and IBM appeared first on Bitcoin Magazine.